The first set of bitcoins was mined in 2009, making it the first blockchain in the blockchain.
Experts estimate that by the 2030s, about 97% of bitcoin will be mined.
According to him, the last 3 percent bitcoin will exist by 2140.
About 1.88 crore bitcoins have been mined worldwide. That’s 90 percent of the total supply of 21 million bitcoins. This is according to the data of blockchain tracker ‘blockchain.com’. The effect of hard cap on total supply is reflected in its prices. Bitcoin was trading below 0. 0.10 in early 2010, while supplies accounted for about 10 percent of the mining. Then in December 2012, when 50 per cent of the supply was mined, it started trading at around 50 7.50.
So in November 2021 it reached a high close to ,000 69,000. New bitcoin tokens are brought into circulation through a process known as bitcoin mining. Bitcoin mining involves a complex process of solving complex mathematical puzzles using the processing power of a computer. The miners compete with each other to solve the first puzzle. If solved first, it is compensated in Bitcoin.
What happens when all bitcoins are gone?
When all 21 million bitcoins are mined, there will be no new bitcoins in the total supply. The Bitcoin blockchain algorithm will need a major update to introduce new coins into the total supply. The limited supply of Bitcoin can have a huge impact on both investors and miners. After total supply mining, bitcoin miners will be out of business and will not receive an award from the mining process. The only source of income for him then would be the charge received from verifying the transaction, which is normal compared to the charge of mining new coins.
How will bitcoin holders be affected?
Bitcoin holders will also be affected when all bitcoins are mined. After reaching the hard cap, Bitcoin will become a rarity. The rarer the property, the higher the value. This is a form of artificial scarcity, where the technique of creating new bitcoins remains, but due to the limitations of the blockchain algorithm, there is no new supply of bitcoin. Shortage of bitcoin can lead to increased purchases. As FOMO (Fear of Missing Out) begins, people will want to buy a large number of rare assets and those who hold Bitcoin will be in a better position to sell.